The first Exiles comic was written by Steve Gerber and illustrated by Paul Pelletier, with plot contributions from Tom Mason, Dave Olbrich and Chris Ulm (who came up with the concept and handed it to Gerber to expand upon when they got too busy to execute it). It is known for the creators' deliberate decision (as explained in the afterword to the last issue) to flout the accepted comic-book trope that a group of random people, who were plucked from their ordinary lives and told that they must join together to fight evil and prevent disaster, would become an effective team. Instead, key strategic mistakes led to the team's newest recruit, Amber Hunt, triggering a catastrophic explosion that killed or maimed everyone else on the team and destroyed their headquarters. This occurred at the end of issue #4, although issue #5 had been falsely solicited months in advance in order to preserve the shock value of the team's unexpected death and the comic's abrupt cancellation; retailers who had been misled into ordering Exiles #5 were subsequently reimbursed.

The four issues of Exiles covered a time period of only 18 hours. Published by Malibu Comics, the series was part of the Ultraverse, although not originally intended to be so, and served as the prelude to "Break-Thru", the first crossover of that Universe.

This group was founded and led by Dr. Rachel Deming, and introduced Ghoul (one of Ultraforce's main members) and Amber Hunt to the Ultraverse. Much of the plot revolved around a fatal "Theta Virus", the treatment of which gave the characters their superhuman powers. Unfortunately, Dr. Deming assumed that people with powers are automatically superheroes, and their lack of training, cohesion, and leadership led to disaster. Aside from Deming (who suffered many fractures), Ghoul (who was already more or less a zombie, and thus later rose from his grave), Deadeye (that survived the tidal wave, later leaving the team) and Hunt, the other members of the team were Catapult, Mustang, Tinsel, and Trax. Mastodon was introduced in the series, but never joined the team, and eventually appeared in the pages of Foxfire.

Gerber had proposed to DC Comics a Vertigo series revamping The Inferior Five as a "dark 'n' gritty" comic, but was refused. He was offered this project around that time.[1]

At one point, Marvel bought the publication rights for the Ultraverse comics. In the "Godwheel" event it was established that the Ultraverse is part of the Marvel Multiverse, meaning that travel between the main Marvel Universe and the Ultraverse is possible albeit difficult. One of the consequences was that a new team of Exiles was formed and included among them characters from the main Marvel Universe.

Set after the controversial "Black September" event with Marvel and Malibu Comics, this series featured a group formed with Siena Blaze, Juggernaut, and Reaper (from the main Marvel Universe) and Hellblade, Amber Hunt, Shuriken and Strike (from the Ultraverse). They were later joined by Cayman from the Freex. This team found themselves running from the law and had most of its adventures in the Ultraverse Earth and the Godwheel. Juggernaut left the team (and the Ultraverse) by All-New Exiles #5 and the team disbanded in Ultraforce vol. 2, #13.